Key Takeaways
- ETH’s price rebounds from the key support zone of $3,350 as the price attempts a breakout.
- Crypto experts hint at a strong market rally for Ethereum’s price towards a potential $16,000.
- Price maintains a bullish market structure despite a minor price retracement over the past few weeks.
The crypto market in the last few days has experienced low volume movement across the market as Bitcoin and Ethereum traded around $113,500 and $3,650, respectively.
However, the market has gained strong volume in the last few hours following a strong market spike for BTC towards $117,500 and ETH rallying behind with bullish price action towards a key resistance point of $3,900.
Crypto analysts and experts have shown keen interest in Ethereum (ETH), considering its price nearing a key market breakout to the upside. A break could see the price rally to $5,000.
ETH Technicals Indicate a Potential $5,000 Imminent
Source – Ethereum Price Chart from TradingView
After rallying to a yearly high of $3,950, ETH pulled back to key support near $3,350, where bulls regained control.
Ethereum’s price rebounded to a key resistance zone of $3,900, indicating bullish willingness to push the price higher.
For a bullish price continuation, the price must break above its resistance, retesting this zone to confirm a clear support as its price action continues to a potential $5,000 on the back of institutional interest.
According to market sentiment and technical indicators such as MACD (Moving Average Convergence Divergence) and RSI (Relative Strength Index), the price of ETH looks set for a major rally toward $4,000.
Similarly, crypto experts have shared the same sentiment as the price gears up for a rally despite suffering a retracement on 4 consecutive days as bulls attempted a breakout.
Crypto Expert Hints at Possible Breakout
The past few weeks have seen institutional investors accumulate Ethereum as the price could outperform BTC in the coming months. SharpLink Gaming continues to accumulate Ethereum with the market speculating on bullish price action.
In the news recently, Wall Street analyst Tom Lee believes the price of ETH has the potential to replicate BTC’s 2017 price action. If this plays out, he expects the price to hit $16,000 per Ether.
Additionally, crypto expert Ali Martinez has identified four consecutive price rejections as Ethereum attempts to break key resistance to the upside. A clear breakout could signal a rally towards $5,000 in the coming months.
In summary, the price action of ETH is bullish as the price attempts to break above $4,000 for the first time in weeks. A breakout could signal a rally toward new all-time highs of $5,000.
Related Read
